by admin | Oct 5, 2024 | Accounting, Goods and Services Tax, Income Tax, Tech News
In a significant step towards implementing the global minimum tax framework, the Inland Revenue Authority of Singapore (IRAS) has launched a public consultation on two critical sets of subsidiary legislation: the proposed Multinational Enterprise (Minimum Tax) (GloBE...
by admin | Oct 4, 2024 | Accounting, Income Tax, Tech News
The Accounting Standards Committee (ASC) has released significant amendments to the Singapore Financial Reporting Standards (International) [SFRS(I)], setting effective dates for 2026 and 2027. Entities are urged to commence impact assessments and transition planning...
by admin | Oct 3, 2024 | Accounting, Income Tax, Tech News
The Inland Revenue Authority of Singapore (IRAS) has released a significant Advance Ruling Summary No. 5/2024, clarifying the income tax characterisation of subordinated perpetual securities. This ruling addresses critical questions for issuers and investors regarding...
by admin | Oct 2, 2024 | Accounting, Income Tax, Tech News
The International Accounting Standards Board (IASB) has formally concluded its Post-Implementation Review (PIR) of IFRS 15 Revenue from Contracts with Customers (known as SFRS(I) 15 in Singapore), issuing a positive verdict that the standard is meeting its objectives...
by admin | Oct 2, 2024 | Accounting, Goods and Services Tax, Tech News
Significant amendments to Singapore’s Goods and Services Tax (GST) regulations concerning public agency supplies came into effect yesterday, 1 October 2024. The Goods and Services Tax (Non-taxable Public Agency Supplies) (Amendment No. 2) Order 2024 officially...
